Debt (Tables)

3 Months Ended

Mar. 31, 2016

Mortgage debt consisted of the following (dollars in thousands):



Collateral	Interest Rate		Maturity Date	3/31/16 Property Carrying Value		Balance Outstanding on Loan as of
Collateral	Interest Rate		Maturity Date	3/31/16 Property Carrying Value		March 31, 2016			December 31, 2015
Senior Unsecured Revolving Credit Facility (1)	2.34	%	November 25, 2019	$	—	$	70,580		$	65,580
Courtyard by Marriott Altoona, PA (2)	5.96	%	April 1, 2016	10,026		—			5,954
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	20,720		14,408			14,496
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	45,321		29,423			29,555
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	33,947		16,804			16,880
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	31,547		23,018			23,124
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	31,023		19,032			19,123
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	36,606		23,168			23,268
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	70,532		46,732			46,907
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	41,609		34,000			34,000
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	85,421		64,800			64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	93,472		70,700			70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	67,631		48,600			48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 6, 2024	55,730		37,900			37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	38,229		30,000			30,000
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	43,821		22,419			22,510
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	11,384		16,225			16,225
Homewood Suites by Hilton Carlsbad CA	4.32	%	December 6, 2024	28,939		19,950			19,950
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	15,150		18,300			18,300

Total debt before unamortized debt issue costs				$	761,108	$	606,059		$	607,872
Unamortized mortgage debt issue costs						(2,556		)	(2,669		)
Total debt outstanding						$	603,503		$	605,203


(1)	The interest rate for the senior unsecured revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%.


(2)	On January 4, 2016, the Company paid off the loan secured by the Courtyard by Marriott Altoona, PA hotel, due April 1, 2016.

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of March 31, 2016, for the current year and each of the next four calendar years and thereafter are as follows (in thousands):



	Amount
2016 (remaining nine months)	$	3,054
2017	4,302
2018	5,374
2019	7,340
2020	80,479
Thereafter	505,510
Total debt before unamortized debt issue costs	$	606,059
Unamortized mortgage debt issue costs	(2,556		)
Total debt outstanding	$	603,503